By Walter Kennes (auth.)
ISBN-10: 0333977769
ISBN-13: 9780333977767
ISBN-10: 1349420808
ISBN-13: 9781349420803
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Extra info for Small Developing Countries and Global Markets: Competing in the Big League
Example text
Without a tariff, demand curve D would lead to an imported quantity of CF. If the price rises by the tariff value AC, the import quantity decreases to AB. The government receives tariff revenue represented by the rectangle a. However, the tariff revenue is not enough to compensate for the loss in consumer welfare represented by the decline of the consumer surplus (equal to the decline of the area below the demand curve and above the price line), this is areas a plus b. The net loss is therefore represented by triangle b which is usually called the ‘deadweight loss’.
The colonial system extended this strategy to a large part of the developing world. During the 1950s, central planning and government intervention seemed to be the quickest way towards industrialization, which was seen as the key to economic development and modernization. This view was strengthened by the apparently continuous decline of raw-material prices and the persistent protectionism of industrial countries for labour-intensive agricultural and manufactured products. Import substitution behind high tariff walls became the dominant policy advice to achieve industrialization.
The inward-looking policies had led to the existence of strong vested interests that resisted reform. In other cases, the reforms were implemented, but there was not much supply response from the private sector. Several reform programmes were actually stopped or even reversed. Of the main areas of reform of inward-looking policies, exchangerate devaluation has often been among the first measures undertaken, though it was generally politically controversial. Most countries implementing SAPs have been able to put an end to currency overvaluation.